The nyt continues to pound the no criminal liability issue.
See the account in The Big Short.
Maybe I have misunderstood some realities, not accounted for in accounts of the dumbness of Wall Street banks here.
If so, then Michael Lewis missed them too, and he actually did research, and does not seem to me to be either a dumb or gullible guy.
Being dumb is not a crime.
Refusing to take merely good, but not binding, legal advice is not a crime.
There are of course ways to impose criminal liability in such a situation. It requires regulations with criminal penalties for violations.
What are the chances of such legislation being written, passed, or signed into law, in the influence based party system, and its perennial drift, as it presently stands?
The nyt won't get into that. That's part of The Drew Pearson Fallacy.
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